LRS General Discussion, page-16608

I've been comparing the two companies. The A11 market cap looks 'small', but it's actually larger than ours once you calculate what the 100% ownership value of the project is.

I think the reason the A11 share price is holding up well is because they have big names attached to them. PLL has a 50% offtake and an agreement to finance a big part of their Capex. They also had one or two takeover offers a few months ago.

Whereas I think the potential uncertainty for investors looking at LRS is that we don't yet have funding finalised. Yes we have an offtake process underway, but not yet concluded, and the market will be looking to see how big our prepayment is and will then work out how much is needed from an equity raise and/or debt financing.

A11 is saying they'll get $75m-$100m for 182,500tpa (50% of their production). Random piece of info - Macquarie Bank is running both A11 and LRS's offtake processes. Based on these A11 numbers, I'd feel relatively confident that we will be going for a $100m-$125m pre-payment.